Question

On a TV game show, the contestant is asked to select a door and then is rewarded with the prize behind the door
selected. If the doors can be selected with equal probability, what is the expected value of the selection if the three doors have behind them a $40,000 foreign car, a $3 silly straw, and a $50 mathematics textbook?

Answer 1

expected value of car = (1/3)(40000) = 13333.33
expected value of silly draw = (1/3)(3) = 1.00
expected value of mathbook = (1/3)(50) = 16.67

so the expected value of event is the sum of these or $13531.00

Answer 2

If the grand prize is $1,000,000 and there is only one winner, what is a players expected value if he purchases only one ticket?